Raise Calculator
See how a raise impacts your paycheck, annual income, and lifetime earnings.
$
%
Enter your current pay and raise to see the impact
Advertisement
Ad Space
Understanding Pay Raises
A pay raise can come as a percentage increase or a fixed dollar amount. Understanding the true impact helps you negotiate effectively and plan your finances.
Types of Raises
- Merit Raise: Based on performance, typically 2-5% annually
- Cost of Living Adjustment (COLA): Matches inflation, usually 2-3%
- Promotion Raise: For new responsibilities, often 10-20%
- Market Adjustment: To match competitive salaries
Compound Effect of Raises
Raises compound over time. A 5% raise this year means your 5% raise next year is calculated on a higher base. Over a 20-year career, these compounds significantly impact your total earnings.
When to Ask for a Raise
- After completing a major project or achieving significant results
- During annual performance reviews
- When taking on additional responsibilities
- When market rates for your role have increased
- After 12-18 months without a salary adjustment
Average Raise Statistics
According to industry data, the average annual raise is typically 3-5% for satisfactory performance. High performers may receive 5-10% or more. Promotions often come with 10-15% increases.